Revolut said on Sept. 3 that the Office of the Comptroller of the Currency conditionally approved its application to form a U.S. national bank, moving the fintech beyond the application it announced in March.

The development does not clear the proposed bank to launch. Revolut said it is still working through approvals from the Federal Deposit Insurance Corporation and Federal Reserve, as well as final approval from the OCC, before its planned 2027 opening.

For U.S. customers, the proposed change is direct access to a broader set of Revolut-branded banking products. The company said that, after all approvals are received, the bank would directly offer loans, credit cards and FDIC-insured deposits alongside access to stablecoins and cryptocurrencies.

Partner Banks Still Power Current Products

Revolut currently depends on other banks for several U.S. products. Its disclosures say Lead Bank provides the banking services behind Revolut’s prepaid cards, while Cross River Bank issues its Visa credit card and makes its personal loans.

The proposed bank, called Revolut Bank US, N.A., would change that structure. When Revolut announced its application in March, it said the charter would allow operations across all 50 states under federal oversight and direct connections to Fedwire and ACH. It also said the bank could directly provide personal loans, credit cards and insured deposits.

That product list is central to Revolut’s stated U.S. plan. Its September announcement paired conventional banking products — loans, cards and insured deposits — with access to stablecoins and cryptocurrencies, all contingent on the remaining approvals.

“Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US,” founder and CEO Nik Storonsky said in the company’s announcement.

Revolut has not yet reached the final step. Its stated next tasks are the FDIC and Federal Reserve processes and final OCC approval, which the company says must be completed as it works toward the proposed bank’s 2027 launch.